Info

$429

$0

$429

$109

$3

$112

$808

$0

$808

All three companies paid dividends over the ten-year period but there are interesting differences between the companies. Deutsche Bank has the steadiest dividend payment record as the total dividend paid increased from 400 million euros in 1994 to 808 million euros in 2003. Dividends were never cut during the entire period and have generally

All three companies paid dividends over the ten-year period but there are interesting differences between the companies. Deutsche Bank has the steadiest dividend payment record as the total dividend paid increased from 400 million euros in 1994 to 808 million euros in 2003. Dividends were never cut during the entire period and have generally grown, though the amount paid has remained unchanged from 2001 to 2003. Disney has generally also increased its dividends over the ten-year period, with one naotable exception. In 1999, Disney did not pay dividends as its operating performance turned negative. Aracruz has had the most volatile history in terms of dividends paid, with dividends rising in 5 of the 10 years examined and falling in 4 of the 10 years.

Looking at stock buybacks, Disney has been the most active player buying stock in 8 out of the 10 years, with a buyback exceeding a billion dollars in 2001. Aracruz has bought back relatively small amounts of stock over the same period, mostly has treasury stock and Deutsche Bank has never bought back stock. These differences reflect the markets that these firms operate in. As noted earlier, companies in the United States have generally bought back more stock than their counterparts in other markets. Stock buybacks are rare in Brazil and were not allowed in Germany for much of the ten year period examined.

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